关于河南神火煤电股份有限公司 2024 年第三次临时股东大会的 法 律 意 见 书 河南亚太人律师事务所 亚律法字（2024）第 1108 号 二零二四年十一月八日 河南亚太人律师事务所 关于河南神火煤电股份有限公司 2024 年第三次临时股东大会的 法 律 意 见 书 致：河南神火煤电股份有限公司 根据《中华人民共和国证券法》、《中华人民共和国公司法》（以下简称《公 司法》）、《上市公司股东大会规则》的规定，接受河南神火煤电股份有限公司 （以下简称"公司"）的委托，河南亚太人律师事务所（以下简称"本所"）指派 鲁鸿贵、杨学林律师（以下简称"本所律师"）对公司 2024 年第三次临时股东大 会的召集、召开以现场参会方式进行见证。会议召开前和召开过程中，本所律师对 出席会议人员资格、大会的召集与召开程序、大会的表决程序等重要事项的合法性 予以验证，并按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对公司本 次股东大会的相关事项出具如下法律意见： 一、股东大会的召集与召开程序 本次股东大会由公司董事会决定召集，公司董事会于 2024 年 10月 22日在《证 券时报》、《证券日报》、《中国证券报》、《上海证券 ...

特别提示： 1、本次股东大会未出现增加、修改、否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 证券代码：000933 证券简称：神火股份 公告编号：2024-055 河南神火煤电股份有限公司 2024 年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 （1）股东出席的总体情况 出席会议的股东及股东代理人共 1,247 人，持有或代表公司股份 共 1,117,033,545 股，占公司有表决权股份总数的 49.6603%。其中： 现场出席股东大会的股东及股东代理人 3 人，代表股份 755,306,742 股，占公司有表决权股份总数的 33.5789%；通过网络投票的股东及 1 股东代理人 1,244 人，代表股份 361,726,803 股，占公司有表决权股 份总数的 16.0814%。（注：全文中数值若出现总数与各分项数值之和 尾数不符的情况，均为分别计算时四舍五入的尾差所致） （1）现场会议召开时间为：2024 年 11 月 8 日（星期五）15:00 网络投票时 ...

证券研究报告 | 2024年10月24日 神火股份（000933.SZ） 优于大市 铝冶炼利润远期有望改善 2024Q1-Q3 公司归母净利润下降 14%。2024Q1-Q3 实现营收 283 亿元（同比 -1.1%），归母净利润 35.4 亿元（同比-13.8%），扣非归母净利润 34.1 亿 元（同比-15.7%），经营活动产生的现金流量净额 63.6 亿元。2024Q3 实现 营业收入 100.9 亿元（同比+6.0%），归母净利润 12.5 亿元（同比-8.0%）。 公司发布了中期利润分配预案，向全体股东每10 股派送现金股息3.00 元（含 税），合计分配现金 6.75 亿元。 三季度电费下降，但氧化铝价格上涨。三季度处于云南丰水期，云南神火用 电成本在 0.35 元/度（含税），比二季度下降 0.1 元/度，扣除增值税后， 因电费下降云南神火吨铝成本下降 1200 元/吨，且三季度云南神火 90 万吨 产能满产满销。但是三季度山西氧化铝均价 3950 元/吨，环比增加 300 元/ 吨，广西氧化铝均价 3950 元/吨，环比增加 240 元/吨，是 Q3 最大的减利项。 煤炭板块，根据同花顺数据， ...

Investment Rating - The report maintains a "Buy" rating for Shenhuo Co., Ltd. [1][3][12] Core Views - The report highlights that Shenhuo Co., Ltd. has improved its profitability in Q3 2024 compared to the previous quarter, with a focus on enhancing shareholder returns through a mid-term cash dividend of 0.3 CNY per share [2][3] - The company is positioned as a leading aluminum processing enterprise in China, benefiting from cost advantages in its electrolytic aluminum business and favorable resource endowments in its coal mines [3] - The aluminum foil business has strong competitive advantages, including advanced equipment and an expanding market share [3] Financial Summary - Revenue for 2022 was 42,704 million CNY, with a projected decline to 37,383 million CNY in 2024, followed by growth to 39,651 million CNY in 2025 and 42,428 million CNY in 2026 [1][3][7] - Net profit attributable to shareholders decreased from 7,578 million CNY in 2022 to an estimated 5,028 million CNY in 2024, with a recovery expected to 5,633 million CNY in 2025 and 6,301 million CNY in 2026 [1][3][7] - The report projects EPS (diluted) to decline from 3.37 CNY in 2022 to 2.24 CNY in 2024, with a gradual increase to 2.50 CNY in 2025 and 2.80 CNY in 2026 [1][3][7] Cash Dividend - The total cash dividend amounts to 675 million CNY, representing 19.07% of the net profit attributable to shareholders for Q3 2024 [3]

证 告 公 研 究 券 研 2024 年 10 月 23 日 究 报 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

来源：公司年报、国金证券研究所 神火股份 (000933.SZ) 事件 10 月 21 日，公司公布 24 年三季报，前三季度实现营收 283.14 亿元，同比-1.10%；归母净利 35.38 亿元，同比-13.75%；扣非归 母净利 34.13 亿元，同比-15.68%。3Q24 实现归母净利 12.54 亿元， 环比+5.09%，同比-8.00%。 点评 Q3 煤铝产量恢复平稳，电解铝价格高位，业绩环比增长。（1）3Q24 长江有色铝均价 1.96 万元/吨，环比-4.75%，同比+3.83%，氧化 铝均价 3920 元/吨，环比+7.46%，预焙阳极均价 3747 元/吨，环 比-4.67%，云南神火电解铝产能 5 月中旬全部启动，Q3 全季度恢 复正常生产节奏，云南电解铝产销量环比提升，价格维持高位。（2） 3Q24 煤炭恢复正常生产节奏，永城无烟精煤车板价 1212 元/吨， 环比-9.36%，影响公司煤炭板块盈利。Q3 云南丰水期电价下调， 云南神火利润环比修复，铝煤产销量环比继续回升，带动业绩环 比增长。 神火新材二期电池箔投产，铝加工业务布局进一步完善。神火新 材一期产能 5.5 万吨，一期 ...

神火股份（ [Table_StockNameRptType] 000933） 公司点评 煤炭板块复苏，Q3 利润环比改善 | --- | --- | |-------------------------------------|-------------| | | | | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： | 2024-10-23 | | [Table_BaseData] 收盘价（元） | 18.63 | | 近 12 个月最高 / 最低（元） | 25.38/13.04 | | 总股本（百万股） | 2,249 | | 流通股本（百万股） | 2,243 | | 流通股比例（ % ） | 99.73 | | 总市值（亿元） | 419 | | 流通市值（亿元） | 418 | [公司价格与沪深 Table_Chart] 300 走势比较 -23% 1% 24% 48% 71% 10/23 1/24 4/24 7/24 神火股份 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师： ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 28.314 billion yuan for Q1-Q3 2024, a year-on-year decrease of 1.10%, and a net profit attributable to shareholders of 3.538 billion yuan, down 13.75% year-on-year [2][6] - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares, totaling 675 million yuan, which accounts for 19.07% of the net profit attributable to shareholders for the first nine months of 2024 [2][6] - The projected net profits for 2024-2026 are 4.688 billion, 5.881 billion, and 6.625 billion yuan, with year-on-year changes of -20.61%, +25.44%, and +12.65% respectively [2][6] Financial Performance - For Q3 2024, the company achieved a revenue of 10.093 billion yuan, a year-on-year increase of 6.02% and a quarter-on-quarter increase of 0.96% [6] - The net profit for Q3 2024 was 1.254 billion yuan, down 8.00% year-on-year but up 5.09% quarter-on-quarter [6] - The gross profit margin for Q1-Q3 2024 was 24.54%, a decrease of 2.71 percentage points year-on-year [6] Product and Market Insights - The company’s electrolytic aluminum production is expected to increase in Q3 2024 due to abundant electricity supply in Yunnan [6] - The average price of electrolytic aluminum in Q3 2024 increased by 3.9% year-on-year but decreased by 4.6% quarter-on-quarter [6] - The average price of the main product, anthracite coal, decreased by 13.7% year-on-year and 3.1% quarter-on-quarter [6] Future Outlook - The company is expected to maintain its competitive edge in the coal, electricity, and aluminum sectors despite seasonal factors [6] - The projected earnings per share (EPS) for 2024-2026 are 2.08, 2.61, and 2.95 yuan, with corresponding price-to-earnings (P/E) ratios of 8.9, 7.1, and 6.3 [2][6]

[Table_MainInfo] 公司研究/有色金属/铝 证券研究报告 神火股份（000933）公司季报点评 2024 年 10 月 23 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 22 日收盘价（元） ] | 18.63 | | 52 周股价波动（元） | 13.04-25.38 | | 总股本 / 流通 A 股（百万股） | 2249/2243 | | 总市值 / 流通市值（百万元） | 41905/41791 | | 相关研究 | | | [Table_ReportInfo] 《煤炭有望量增价稳，电解铝盈利走阔优势巩 | | | 固》 2023.10.24 | | 市场表现 [Table_QuoteInfo] -14.70% 0.30% 15.30% 30.30% 45.30% 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q3 performance was positively impacted by a decrease in income tax rates and lower electricity prices in Yunnan [3][4] - The company reported a revenue of 28.31 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.1%, and a net profit attributable to shareholders of 3.54 billion yuan, down 13.8% year-on-year [3] - In Q3 2024, the company achieved a revenue of 10.09 billion yuan, a quarter-on-quarter increase of 1.0% and a year-on-year increase of 6.0% [3] Summary by Sections Performance Analysis - The company's performance relative to the CSI 300 index shows a 23.4% increase over the past year, compared to the index's 22.9% [4] - The average price of aluminum in Q3 2024 was 19,562 yuan/ton, a year-on-year increase of 3.8% but a quarter-on-quarter decrease of 4.7% [4] - The average price of alumina in Henan for Q3 was 3,917 yuan/ton, a year-on-year increase of 34.3% and a quarter-on-quarter increase of 7.4% [4] Financial Forecast - The company is projected to achieve revenues of 39.35 billion yuan, 40.78 billion yuan, and 42.19 billion yuan for 2024, 2025, and 2026 respectively [4] - The net profit attributable to shareholders is expected to be 4.848 billion yuan, 5.768 billion yuan, and 6.316 billion yuan for the same years [4] Dividend and Taxation - The company announced a mid-term dividend of 3.00 yuan per 10 shares, totaling 675 million yuan, with a dividend payout ratio of 19.1% [4] - The income tax rate for Q3 2024 was 20.8%, down from 26% in Q2, contributing positively to the company's earnings [4]